To:A. I. RYKOV

Written:Written on April 23, 1918Published:First published in 1959 inLenin Miscellany XXXVI.

      Printed from the original.Source:Lenin
	  Collected Works,

      Progress Publishers,1975,

      Moscow,Volume 44,

      page81b.Translated:Clemens DuttTranscription\Markup:R. CymbalaPublic Domain:Lenin Internet Archive.You may freely copy, distribute,
	display and perform this work, as well as make derivative and
	commercial works. Please credit “Marxists Internet
	Archive” as your source.•README

Pushhard in the Supreme Economic Council for a
discussion on replacing the old paper currency by new;
Gukovsky jibs at it, but I think it should be pushed
forward.[1]

Youropinion?

[1]Thisrefers to preparations for a monetary reform in order to
establish a stable Soviet currency and overcome the inflation caused
by the war and the economic policy of the tsarist government
and the bourgeois Provisional Government. Lenin raised the
question of the need for a monetary reform in December 1917 in
his “Draft Decree on the Nationalisation of the Banks and on
Measures Necessary for Its Implementation” (see present edition,
Vol. 26, p. 403). Preparations for the monetary reform wore made
under the direct guidance of Lenin. He urged more speed in
preparing and issuing new, Soviet currency notes, and went into
all details of the proposed designs. (See this volume, documents
125 and 126, and alsoLenin Miscellany XXI, p. 180.)

Owingto the foreign military intervention and the Civil War,
and the transition to the policy of War Communism, themonetary reform was not carried out in that period. The first Soviet
monetary reform on the basis of Lenin’s principles was effected
in 1922–24.